Brownfield tax credits. Historic tax credits. Film production tax credits. Excelsior Jobs tax credits. Musical and theatrical tax credits. Restaurant return-to-work tax credits. And, of course, the alcohol beverage production credit.
New York has given out tens of billions of dollars in these and many other economic development incentives to lure companies to the state, encourage their growth, attract new business investment and generate thousands of jobs statewide.
Jake Schneider had little idea what was hidden behind the plain drywall or boards, above a suspended ceiling or even underneath the 1970s flooring when he and his contractors started pulling them off the century-old former bank building on Seneca Street last fall.
State officials from the governor on down have touted these programs as not only necessary to keep New York competitive, but valuable and successful in helping the state’s economy grow.
But just how effective are they for New York and its taxpayers?
The state Department of Taxation and Finance, under the direction of state lawmakers, set out to find out, through an independent audit conducted by a team of five consulting firms, led by PFM Group Consulting.
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